In 2025, India’s IPO market continues to witness robust activity, with clean energy and renewable-focused companies gaining prominence amid government initiatives and growing investor interest. Against this backdrop, Saatvik Green Energy Limited IPO is set to open on September 19, 2025. Here is a detailed insight into Saatvik Green Energy, its IPO, and the industry outlook.
About Saatvik Green Energy Ltd.
Incorporated in 2015, Saatvik Green Energy Limited is a leading manufacturer of solar modules and provides comprehensive engineering, procurement, and construction (EPC) services. The company manufactures Mono PERC and N-TopCon solar modules, available in mono-facial and bifacial variants suitable for residential, commercial, and utility-scale applications.
Saatvik Green Energy commenced operations in 2016 and has scaled its annual installed manufacturing capacity from 125 MW in FY2017 to 3.80 GW as of June 2025. The company operates two manufacturing facilities in Ambala, Haryana, spread across 724,225 sq. ft., and employs over 600 full-time employees.
Competitive Strengths:
- Strong customer base with a large order book
- Among India’s leading integrated solar module manufacturers
- Innovative technology solutions for higher efficiency and reduced energy loss
- Multiple sales and revenue channels, including EPC projects
- Positioned to benefit from favorable renewable energy policies and industry tailwinds
Saatvik Green Energy IPO Details
Saatvik Green Energy IPO is a book building issue aggregating ₹900 crores, comprising a fresh issue of 1.51 crore shares worth ₹700 crores and an offer for sale of 0.43 crore shares worth ₹200 crores.
| IPO Date | September 19, 2025 to September 23, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹442 to ₹465 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,93,54,838 shares (aggregating up to ₹900.00 Cr) |
| Fresh Issue | 1,50,53,763 shares (aggregating up to ₹700.00 Cr) |
| Offer for Sale | 43,01,075 shares of ₹2 (aggregating up to ₹200.00 Cr) |
| Employee Discount | ₹44.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,20,47,000 shares |
| Share Holding Post Issue | 12,71,00,763 shares |
Saatvik Green Energy IPO Timeline (Tentative Schedule)
Saatvik Green Energy IPO opens on September 19, 2025, and closes on September 23, 2025.
| IPO Open Date | Fri, Sep 19, 2025 |
| IPO Close Date | Tue, Sep 23, 2025 |
| Tentative Allotment | Wed, Sep 24, 2025 |
| Initiation of Refunds | Thu, Sep 25, 2025 |
| Credit of Shares to Demat | Thu, Sep 25, 2025 |
| Tentative Listing Date | Fri, Sep 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Sep 23, 2025 |
Book Running Lead Manager: DAM Capital Advisors Ltd.
Registrar: KFin Technologies Ltd.
Saatvik Green Energy IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 32 | ₹14,880 |
| Retail (Max) | 13 | 416 | ₹1,93,440 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840 |
Saatvik Green Energy IPO Promoter Holding
The company promoters are Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust.
| Holding | Pre-Issue | Post-Issue |
| Promoter | 90.05% | To be calculated post IPO |
Saatvik Green Energy Ltd. Financials
Saatvik Green Energy has demonstrated strong growth, with revenue doubling and profit after tax rising by 113% between FY2024 and FY2025.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 1,635.74 | 688.04 | 263.00 |
| Total Income (₹ Cr) | 2,192.47 | 1,097.18 | 617.63 |
| Profit After Tax (₹ Cr) | 213.93 | 100.47 | 4.75 |
| EBITDA (₹ Cr) | 353.93 | 156.84 | 23.87 |
| Net Worth (₹ Cr) | 337.66 | 120.67 | 20.27 |
| Reserves & Surplus (₹ Cr) | 315.25 | 117.36 | 16.89 |
| Total Borrowing (₹ Cr) | 458.10 | 263.42 | 144.49 |
Key Performance Indicators (FY2025):
- ROE: 63.41%
- ROCE: 60.45%
- Debt/Equity: 1.36
- PAT Margin: 9.76%
- EBITDA Margin: 16.40%
- Price to Book Value: 43.18
Market Capitalisation: ₹5,910.19 Cr
P/E & EPS
| Pre IPO | Post IPO | |
| EPS (₹) | 19.09 | 16.83 |
| P/E (x) | 24.35 | 27.63 |
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Objects of the Issue
Saatvik Green Energy proposes to utilise IPO proceeds as follows:
| Objective | Amount (₹ Cr) |
| Prepayment/repayment of borrowings | 10.82 |
| Investment in subsidiary for repayment of borrowings | 166.44 |
| Setting up 4 GW solar PV module facility in Odisha | 477.23 |
| General corporate purposes | Remaining funds |
Saatvik Green Energy Ltd.: Industry Outlook
- The Indian solar energy sector is growing rapidly, driven by government initiatives such as National Solar Mission and renewable energy targets.
- Increasing adoption of solar power in residential, commercial, and utility projects fuels demand for high-efficiency modules.
- Eco-friendly energy production and integrated EPC services favor companies like Saatvik Green Energy.
- Rising global focus on green energy and sustainable solutions positions solar manufacturers for long-term growth.
Saatvik Green Energy IPO: Peer Comparison
Saatvik Green Energy Ltd. competes with peers like Waaree Energies Ltd and Premier Energies Ltd in India’s solar energy sector. While Saatvik focuses on large-scale module manufacturing and advanced Mono PERC and N-TopCon technologies, Waaree and Premier offer diversified solar solutions and EPC services, giving investors a clear perspective on relative strengths and growth potential.
Conclusion
Saatvik Green Energy IPO presents an attractive opportunity for investors aiming to gain exposure to India’s renewable energy sector. With strong financial growth, technological capabilities, and a clear expansion plan, the company is well-positioned to capture market opportunities. However, investors should consider potential risks, including industry dependency on government policies, project execution timelines, and competition in the solar module market.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
